Mui Wo property prices are set to rise sharply, a senior Hong Kong real estate figure predicts.
Kam Hung-yu, a Hong Kong managing director at global estate giant CBRE and a former president of of the Hong Kong Institute of Surveyors, predicts a major hike in residential valuations.
Writing in the Economic Journal he says the Housing Authority will start selling its new Mui Wo apartments in August. Mui Wo prices currently are at around $7000-$8000 psf, but after subsidies this will fall to as low as HK$5000.
“Some Hong Kong people believe the location is not attractive because it is too far [from the city],” he wrote. But he says citizens who qualify for the HA ‘green form’ subsidy should genuinely consider it. “This most likely is a housing market with very strong potential to rise in value,” he wrote. Continue reading
The government is seeking HK$72.3 million from Legco to provide more parking spaces in Mui Wo.
It is also considering using the grounds of the shuttered Mui Wo Heung Yee Kuk Secondary School as a short-term parking solution.
The upgrade would increase capacity of the car park from 70 to 188 spaces, the Civil Engineering and Development Department (CEDD) said in a paper to the Legco Public Works Committee. Continue reading